In speaking with Cointelegraph, the head of the largest bitcoin exchange Binance, Chanpen Zhao expressed the opinion that the recent reports of fake trading volumes have a positive impact on the industry.
According to him, studies Bitwise Asset Management, The TIE and other companies should help the industry become more transparent. Also, he said, should not be blamed in manipulating the market popular service Coinmarketcap.
“CoinMarketCap not involved, although each tried to lay the blame on him. This service has a very simple mechanism, where each exchanger simply transfers their data”, — shares his thoughts Zhao.
Chapter Binance sure cryptocurrency platforms should carefully monitor suspicious transactions, and to improve methods of analysis and attach great importance to security issues.
“We joined the team CoinMarketCap to help the service to provide accurate information. I also believe that the necessary sanctions: for example, the exclusion from the ranking exchanges, or falsify the data”, he added.
Recently research resource CoinMarketCap confirmed that information about the fake volume trading on cryptocurrency exchanges is true. The service intends to introduce new metrics to deal with unreliable data. In particular CoinMarketCap will track the traffic from the sites of cryptocurrency exchanges, balances hot and cold wallets, and liquidity indicators
ForkLog previously published material on how a bitcoin exchange manipulate the trading volumes.